DAIRY FARMERS’ UNION.

Wairarapa Age, 10 May 1924, Page 5

DAIRY FARMERS’ UNION.

ANNUAL MEETING. Feilding, May 9.—At the annual meeting of the Dairy Farmers’ Union today the chairman (Mr. R. Cobbe) said the dairy farmers were apt to think of matters like foreign exchange as out of their province, but he would like to show how this affected every farmer in the Dominion.

Up to February 1922 the demand on drafts on London stood at par. In that month the rate was 5/. It went to 10/ in April, to 15/ in May, to 25/ in .September, to 35/ in November and in. March 1924 it went to 40/ per £lOO. They were told that exchange rates were based on fluctuating trade balances, but a elose survey of the trade position during 1932 did not Warrant the exchange fluctuating from par to 35/ in 10 months.

The speaker suggested it was manipulations by the banking authorities. The dairy farmer who produced £lOOO worth butterfat paid to' the banks today £2O in exchange; £lO of this amount at least was an unjustified charge for which he received nothing in the shape of credit or monetary facilities.

The Dominion exported goods valued at 50 millions this year and the .exchange cost close on £1,000,000. Half off this was an unfair charge on the producers. A partial solution of the exchange problem was offered to the Empire at the Economic Conference by Darlings Empire Currency Bill scheme, but the heavy hand of the financier seemed to have damped the enthusiasm of overseas: premiers for the scheme. —(P.A.)